Wells Fargo Scams Continue Unabated — According to Their Own Reports
The take-away is that modifications are a scam to either steal the loan or force homeowners into foreclosure. If the modification is seen as completed, the loan has been stolen because the creditor has become a new and different party than anyone in the chain of title to the mortgage deed. If the modification is denied it is because they have never submitted it to any owner of the debt or their authorized representative and they are forcing homeowners into foreclosure, bankruptcy or both.
The most common Wells Fargo scam I encounter is not written about because it is only dimly understood by most and rarely discovered. At the start of foreclosure WFB appears as beneficiary under the deed of trust or mortgagee under the mortgage deed. At the far end of the timeline, when nobody is examining documents anymore, WFB reveals itself to be a servicer acting for an undisclosed party which is also a conduit for undisclosed owners of the debt, note and mortgage.
In the latest iteration of this pattern of conduct I see that — after the foreclosure sale by an unauthorized trustee acting on behalf of WFB falsely claiming to be the beneficiary under a deed of trust (as falsely represented to the court by an attorney who has no idea if the representation is true or false) — Premiere Asset Service (PAS) shows up as the DBA (Fictitious name) of WFB who is “now servicing the property.”
I know of dozens of cases where WFB is named as the creditor and then later, often in trial, admits to being a servicer on behalf of government sponsored entity (like Fannie Mae), who was the “original investor,” they say, for a loan originated by a nonexistent entity.
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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
Source: Living Lies, their name say’s it all!